Insurance

Guinea Insurance posts N1.01bn gross premium income

Fro left: Mrs. Isioma Omoshie-Okokuku, Ag. MD; Godson Ugochukwu, Chairman BOD; Abdulkerim Oshioke Kadiri, Independent Director

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Chuks Udo Okonta

Guinea Insurance Plc, posted a Gross Premium Income of N1.01 billion in 2015, its Chairman, Godson Ugochukwu, has said.

He disclosed this during the company’s 2015/58th Annual General Meeting (AGM) held recently in Garki, Abuja.

According to him, the company reported a Gross Premium Income increase of 16.6 per cent amounting to N1.01 billion as against N867.99 million recorded in 2014. Profit Before Tax increased by 226 per cent amounting to N47.0 million as against N14.4 million recorded in 2014. Loss for the year decreased by 91.2 per cent amounting to N7.2 million as against N81.89 million recorded in 2014. Shareholders’ Funds increased marginally by 0.12 per cent amounting to N2.899 billion as against N2.896 billion recorded in 2014.

During an interactive session at the meeting progressed, the Chairman of the Board of Directors, Godson Ugochukwu, while reacting to a question raised by Patrick Agidua a shareholder of the company, on how the new board intends to take the company on a path of profitability?” Ogochukwu said: “The board is currently manned by eminent personalities who have distinguished themselves in various business and professional spheres. We have decided to look inwards to elevate a deserving and competent top executive to chart a new course for the company. This is cost saving and the incentive to deliver adequately will be heightened. I am particularly happy to announce to you today that our efforts in this regard, had begun to pay off as your company turned a profit at the end of the 2016 financial year.”

To the shareholders in general, he added: “The new board has instituted a corporate culture and performance metrics that is characterized by: poise, good deportment and exceptional service delivery. Year 2015 results are pedestrian and unrepresentative of our business ideals for your company. We therefore, request support from all quarters to enable us in togetherness, get your company out of the woods and guided to a path of sustained profitability …in the words of Henry Ford – Coming together is a beginning; keeping together is progress; working together is success.”

Shareholders of the company, at the event thrown their weights behind the newly constituted board of the company chaired by Godson Ugochukwu, a seasoned legal practitioner with over 14 years of consummate legal expertise in all aspects of Nigerian and International Laws.

He has served meritoriously in many top Nigerian law firms. Godson is an established specialist in Corporate and Commercial Law and Practice; Civil and Commercial Litigation; Maritime and Environmental Law; Oil and Gas; Information Technology and Investments; Alternative Dispute Resolution; Tax; Foreign Direct Investments; Project Finance; Business Law; Regulations and Investigation; Power; Private Enquiry; Employment and Labour; Real Estate and Insurance Law.

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